Frugality has created buyer's aversion - thoughts?
Page 1 of 2 12 LastLast
Results 1 to 10 of 42

Thread: Frugality has created buyer's aversion - thoughts?

Hybrid View

  1. #1
    Senior Member
    Join Date
    Mar 2014
    Posts
    101

    Frugality has created buyer's aversion - thoughts?

    So I'm typically a very frugal person.

    My monthly budget for food AND entertainment is $300. Aside from travel, I very rarely spend money on things that I can't justify in some way. My problem is I think i've developed aversion to spending. Lately I've come into a $2000 travel gift voucher which I'm going to use on a trip in Sept. I'm giving half to my girlfriend so really I'll save $1000 off that trip. My work bonus paid this month was also more than expected. My expectation was to pay back what I spent on a trip to Mexico ($1700) but I ended up getting ~$3000. Also have an extra bonus being paid in May for $860.

    All told, that's over $3000 in money I didn't plan for. My usual response to windfalls is to save/invest almost all of it. But this time around I'm having a huge urge to spend much of it on clothes. I need at least one new suit for work and am finally feeling the need to invest in quality leather shoes (AE probably). In addition, I've long been happy buying on sales at GAP, Jcrew Factory, etc. and never investing much money in my clothes, even though I enjoy dressing well.

    I'm now close to pulling the trigger on a $150 USD spring/fall jacket ($250 CAD after shipping and conversion), a $160 USD leather boat shoe ($260 after shipping and conversion), a $300 leather casual boot (Wolverines), etc. Also tempted to invest in a quality pair of raw selvedge jean and some chambray shirts. All told my wishlist is pushing $2000 minimum.

    LONG winded post - sorry - but I wanted to get my thoughts down. I'm actually feeling guilty at the prospect of spending so much money on something like clothes. For the past 1.5 years I've saved almost everything I could. I'm not going to be hurt long-term spending the money, but it doesn't change the fact that being so ingrained in a frugal lifestyle has made it feel incredibly unnatural to spoil myself by spending on 'frivolous' items (even though these should all last years and years).

    Anyone else go through something similar? A rare spending spree in an otherwise frugal lifestyle?

    Sorry for ramble.

  2. #2
    Senior Member
    Join Date
    Nov 2016
    Location
    Toronto Area
    Posts
    101
    I have no idea what the brands are that you are writing about but then, I'm sixty! Bottom line for me though is you can live a somewhat frugal life and mentality, but still spend on the things that really mean something to you as a result of part of the effort sometimes. For me it's usually audio gear, dinners and maybe cars!

    You have to have a little something to make it all worthwhile.
    Last edited by Dilbert; 2017-03-17 at 09:38 PM.

  3. #3
    Senior Member
    Join Date
    Aug 2015
    Location
    Toronto
    Posts
    161
    I struggle with the same frugality issues as you. It originally started off as a teenager trying to save and save until my bank account reached $1,000. Man that was a huge milestone. Check.

    Then in my college/uni days, it was about saving enough to buy a good car (which was 11 years old when I bought it). Check.

    Then it was about paying back my OSAP loan ($30k). Every dollar I scrounged up, I threw at my debt. Even gift money from my parents for graduating. OSAP gone. Check.

    Now as a full-time working adult, I find myself saving and saving for a house down the line... a wedding even sooner. But I realize that those are bigger goals that will take a while to get to. So while I still save furiously and enjoy watching my savings go higher and higher, I also do have to battle with myself to buy things for myself for enjoyment. I mean I went to the mall for a clothes shopping spree for the first time in YEARS... I spent $150 and felt like a rich Beverly Hills girl with her daddy's credit card. Left feeling like I accomplished a big feat - I spent $150 on myself on some clothes for the first time in years! My girlfriend looked at me like, "seriously? That's your idea of a big once-every-few-years spending spree? $150??" Some of us just aren't natural spenders

    I've been staring at a $200 hand-made high quality Japanese chef's knife. I love to cook, it would be a dream to have. I easily have the money for it in my account, it wouldn't even put a hiccup in my funds. But I can't pull the trigger! I've had the Amazon link saved in my Favorites for over a week now. Every day I click on it, stare at it in awe, wish I had it, look at the $200 price tag and tell myself "I shouldn't even buy this... what am I even thinking. I gotta save MORE! MORE MORE MORE!" It can become a battle with yourself - saving vs spending. You can't help but think "If I spend this $50 here, that's $50 I can't save for later..." But later will never come if you ONLY save! Gotta spend too! Enjoy it, within reason. I told myself I'm going to take a trip to Philadelphia to see an Eagles game... 2 years ago. Didn't do it. The next year, didn't do it. Just too scared to spend that ~2k on the tickets + accommodations + road trip expenses. But I deserve it. I know I do. I save vigorously, spend diligently, track my finances like a hawk and have a very bright outlook. So this Fall, I'm going to Philadelphia no matter what.

    Maybe you should try a "rip the bandaid off" approach. Don't think about it, just know that you can afford it and that you deserve it, and click order. Just do it, quickly. You'll feel slight regret for a second, and then immediate relief and happiness.

    I'm gonna go order that chef's knife now
    Last edited by DollaWine; 2017-03-17 at 09:12 PM.

  4. #4
    Senior Member
    Join Date
    Jun 2016
    Posts
    1,876
    My monthly budget for food AND entertainment is $300
    Do you live alone or have a family? We are also frugal , but I don;t understand how just $300 can be spent for food AND entertainment.... we spent only for food this year (2.5 month) $2,400

  5. #5
    Senior Member
    Join Date
    Sep 2015
    Location
    Manitoba
    Posts
    113
    Take heart! You are not alone.

    My formative years were in the depths of the depression. My parent's ideology was work hard and, wherever possible save, save save. But for me now, the end is near and it is not worth the effort to reformulate my personality.

  6. #6
    Senior Member
    Join Date
    Jan 2012
    Posts
    108
    I used to be frugal... still am at heart... but when I went back to school (early 40s) to finish off a degree, and since I needed to keep working part-time, I was extremely careful w/ money so as not to run into debt due to tuition. It got to the point where I wouldn't even buy a bag of potato chips on sale once in a while... 'do I really need those chips??'

    But then my feline companion got quite ill and I had to shell out quite a bit in order to get him back on track, and I lost my sense of frugality.

    Fast forward to the present... still in school now doing an 'applied' masters degree (late 40s), and because I haven't had anything meaningful to look forward to in a long time, like the month-long dive vacations I used to be able to take when not in school... I spend like a sailor on a weekend pass via Ebay and Etsy. All good quality stuff, mind you, but nonetheless when I look at how much I've been averaging each month, I could easily have saved for many month-long dive holidays. LOL! I anticipate it stopping pretty much completely once I graduate, go back to work full-time, and can finally start travelling again.

    I say enjoy your life/health while you have it, buy those quality items you listed (that are hopefully on sale in the US... I firmly believe one should never pay full retail for clothing and shoes!) and just continue to be mindful of your spending. Unless something major befalls you like it did me, it doesn't sound like this one small shopping spree will turn out to be a 'gateway' that will be your undoing.

  7. #7
    Senior Member
    Join Date
    Mar 2014
    Posts
    101
    Quote Originally Posted by DollaWine View Post

    I'm gonna go order that chef's knife now
    Thanks, great response.

    New sale started tonight at the company selling the jacket I was eyeing. Such a good deal I also added a shirt priced 2-3 times what I normally spend (but big sale for amazing quality), and am excited for them to arrive! Spent about $315 for a jacket + shirt, more than the entire outfit I wore today cost

    You get your knife?
    Last edited by motl; 2017-03-17 at 11:10 PM.

  8. #8
    Member
    Join Date
    Dec 2016
    Posts
    36
    I have developed buyer's aversion lately. I got really burnt buying my last truck, so I worked my butt off to pay it down and sell it. I have to have reliable transportation though, so I used my LOC to buy a $15,000 vehicle. I've almost paid that half off since August, mainly because I throw as much money as possible at it.

    I do save 10% of my after tax, after savings income for myself as "fun" money because life is short. I'm currently pushing $1300 in my account. I haven't bought myself anything fun in nearly 3 years. Despite putting 60% of my income onto my debt, I can't bring myself to spend the 10% fun money, since I still owe money on my vehicle.

    We have a trip to Edmonton coming up in April as our first getaway in years. Maybe I'll be able to bring myself to spend some money on myself eh? LOL

  9. #9
    Senior Member GreatLaker's Avatar
    Join Date
    Mar 2014
    Location
    Toronto, Ontario
    Posts
    603
    Life is for Living. Money is for Spending. What's the point of being the richest person in the retirement home?

    You don't want to be the worst spendthrift, and you probably don't want to be the most frugal person either. It is all about finding a good balance of spending now vs saving to spend later. Make a plan to retire at 55 (or earlier if you really want to). You might find a career you want to work in longer, but build in a cushion in case something changes and you decide to pull the rip-cord earlier. Having plans and goals makes it easier not to spend on things that don't bring you value. Remembering that a dollar saved now will compound to about $4 in 30 years, so that is how much spending now is taking away from your future. Another approach is the 50/20/30 budget. 50% of your net income on non-discretionary items like housing, food, transportation, utilities, 20% on long-term savings and the remaining 30% on personal discretionary spending. Having a plan and budget plus a way to evaluate what you really value takes the fear and guilt away from discretionary spending.

    @DollaWine I bought some Japanese knives a few years ago and the chef's knife was in the price range you mentioned, basic mono-steel blades, nothing with a lot of bling, no damascus or hammered finish and my friends don't go WoW when they see them. I really enjoy using them. They stay sharp a long time, are light and maneuverable and will last a lifetime. To me that was a worthwhile expenditure. If you have not seen them, check out www.japanesechefsknife.com/, www.japaneseknifeimports.com/, http://www.chefknivestogo.com/ and www.kitchenknifeforums.com/. But make sure it fits in your budget and long term plan.
    Eschew obfuscation. Espouse elucidation

  10. #10
    Senior Member
    Join Date
    Aug 2015
    Location
    Toronto
    Posts
    161
    Quote Originally Posted by motl View Post
    Thanks, great response.

    New sale started tonight at the company selling the jacket I was eyeing. Such a good deal I also added a shirt priced 2-3 times what I normally spend (but big sale for amazing quality), and am excited for them to arrive! Spent about $315 for a jacket + shirt, more than the entire outfit I wore today cost

    You get your knife?
    As I was about to order it I realized it might be better to head to a Japanese knife store downtown and see what they have so I can test them in-person. But I've given myself the rule that I'm not allowed to leave without buying one

    I did order some clothes that was sitting in my shopping cart for about a month though!

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •